With John Hess, the company founder’s son who effectively controls about 10% of Hess, still chief executive it might seem like Elliott’s grand plans for the company have been thwarted. Certainly, it doesn’t look like the activist shareholder’s proposals to split Hess in three will happen anytime soon. Perhaps that is why the stock now trades just below $69–which is about where it got to when Elliott sent its first letter to shareholders at the end of January.

But even if Elliott’s blue-sky valuation of Hess of about $126 remains far off, investors shouldn’t discount the potential for further gains. Hess has diluted its namesake CEO’s influence by taking the chairmanship away from him and replacing nine members on what was a rapidly fossilizing board. There has been a dividend increase for the first time in many years and moves to streamline a company that had oil-major ambitions but not the requisite operational excellence or resources to back them up.

Above all, Hess is now a more realistic prospect for a takeover by a larger oil major. Shareholders are in the enviable position of finally seeing a company with good assets having a chance to work them much more effectively–but also knowing that potential predators could more easily step in if Hess doesn’t deliver under its own steam.

That’s a prize worth savoring even if the entertainment of a prize-fight itself was denied to them.